Bryson Wright and Dustyn Grooms own e-Vapes, an e-cigarette liquid retail and wholesale business that has operated since 2013. They are expanding by opening a retail store location to take advantage of the growing e-cigarette market. Their expansion plan details offering over 150 e-liquid flavors, electronic cigarettes and accessories. It analyzes the competitive market and e-Vapes' advantages of in-house liquid production and knowledgeable customer service. Financial projections estimate expansion costs and forecast sales growth. The plan aims to position e-Vapes as the premier e-liquid provider through quality products and brand reputation.

1.
Business Expansion Plan
Bryson Wright and Dustyn Grooms
e­Vapes
4724 Natchez Ct.
Savage, MN 55378
(952) 913­4990
Bryson.EVapes@gmail.com
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2. Table of Contents
1. Executive Summary ​3
1.1. The Company Executives 4
1.2. Products 5
1.3. The Market 5
1.4. Financials 6
1.5. Mission Statement 7
1.6. Objectives 7
2. Company Summary ​8
2.1. Company Ownership 9
2.2. Expansion Summary 9
2.2.1. Expansion Expenses 10
2.2.2. Expansion Funding 11
3. Products and Services ​12
3.1. Products 13
3.2. Services 14
4. Market Analysis Summary ​15
4.1. Market Segmentation 16
4.2. Marketing Strategy 17
4.3. Industry Analysis 17
5. Strategy and Implementation Summary ​20
5.1. Competitive Edge 21
5.2. Sales Strategy 22
5.2.1. Sales Forecast 24
5.3. Milestones 24
6. Management Summary ​25
6.1. Customer Relations 26
6.2. Operational Plan 26
6.2.1. Location 27
6.2.2. Business Hours 27
6.2.3. Personnel 28
6.3. Production 29
6.3.1. Production Techniques and Cost 29
6.3.2. Quality control 29
6.3.3. Inventory 30
6.3.4. Product development 31
6.3.5. Legal Environment 31
7. Financial Plan ​32
7.1. Break­even Analysis 32
7.2. Projected Cash Flow 32
7.3. Projected Business Finances 33
8. Appendix ​34
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3.
Executive Summary
"Imagine a product that is possibly greater than 99% less harmful than cigarettes, delivers a
similar user experience and offers a better economic bargain" this is what Judy Hong of
Goldman Sachs says of E­Cigarettes in the article, “The 8 Extraordinary Technologies Forcing
Business To Adapt Or Die.” On that list, E­Cigarettes are the number one technology
threatening traditional businesses.
Over the past 6 years, e­cigarette commerce has boomed in the new health conscious era.
E­smoking has become the prime choice for traditional cigarette replacement and, as such,
has seen exponential growth. The expected sales for the e­cigarette industry in 2013 are
speculated to exceed 1.7 billion dollars in the United States alone. Analysts expect this
number to at least double in 2014 and continue to see strong growth. At this rate E­cigarettes
would surpass traditional cigarettes 80 billion dollars a year sales within a decade. The rapid
expansion of this industry creates a multitude of opportunities for entrepreneurs and investors
to capitalize on that growth.
Many retail stores, such as E­cig Crib and Smokeless Smoking, have seen success and
operate multiple outlets in the Minneapolis/ St. Paul area. Along with e­Cigarette specific
stores, e­Cigarette options are offered in tobacco shops, gas stations and online. e­Vapes
intends to penetrate the existing market with new and customizable flavors, cutting edge
devices and superior customer service. e­Vapes will compete with, and work in collaboration
with, existing outlets to bring product to market. Many existing retailers suffer from shortage
of product, lack of flavor variety and a limited selection of local vendors. e­Vapes intends to
fill those gaps by partnering with existing retailers for their liquid needs and promoting the
local e­cigarette movement.
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4.
1.1 The Company Executives
e­Vapes, LLC has been in operation as a retail and wholesale e­cigarette liquid provider since
2013. e­Vapes offers a wide variety of e­cigarette liquid flavors direct to consumers and
wholesale to retailers. e­Vapes is co­owned by Bryson Wright and Dustyn Grooms.
In 2009 Dustyn Grooms had his first experience with electronic cigarettes living in Fargo, ND.
The industry was still in its infancy and options were limited but he knew that this would
revolutionize the tobacco world. He quickly told friends and co­workers about his discovery
and the seed was planted for this eventual endeavor. As the industry has evolved, Dustyn has
kept a close eye on the environment and the popularity of the product. He is involved in a few
forums, learning of upcoming changes and constantly seeks the input of other users in the
industry to see what is needed. As a smoker of 16 years and an e­cigarette user of 3 years,
Dustyn has learned the value of flavor variety and quality. E­smoking is a great alternative but
finding the flavors to make you completely forget about a real cigarette is key to sticking with
it. Dustyn has researched the science and methods for mixing E­liquid and has mixed flavors
from raw materials with success as a hobby. He has also invested time into learning the
different flavor profiles, sustainable providers from which to get materials and quality practices
laid out by the AEMSA (American E­Liquid Manufacturing Standards Association). Dustyn has
been in the sales and sales management field for the past 12 years, selling everything from
airline tickets to insurance. The last 6 years have been strongly focused on marketing,
branding and name recognition through networking.
After smoking cigarettes for 5 years and failing to quit time and time again Bryson Wright
made his first purchase of an electronic cigarette. Although this was a lower quality device
Bryson knew right away that this was the most viable option for quitting that he had come
across. As his knowledge of the products on the market expanded, Bryson became further
convinced that vaping was the best alternative to traditional tobacco use. After making a
commitment to quitting smoking, Bryson quickly became intimately knowledgeable of the
vaping industry. As a businessman and an entrepreneur there was a great deal to get excited
about. Recognizing the amount of potential growth and the lack of controlled market shares
Bryson knew that this industry had great potential. With his experience and knowledge
acquired over the previous decade in marketing, sales, and business management, Bryson
knew that the right partners, with more extensive knowledge of the industry, would prepare
them for substantial success.
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5. 1.2 Products
e­Vapes will offer e­cigarette Liquids in up to 150 different flavors with nicotine strengths from
0­30mg(mg are a percent of the e­liquid made up of concentrated liquid nicotine. Desired
amounts vary based on individual smoking habits prior to switching to e­cigarettes.). Bottles of
liquid will be offered in 5ML (sample size), 15ML and 30ML sizes. e­Vapes will also offer
electronic cigarettes, batteries, disposable cartomizers for refillable cartomizer tanks, drip tips,
and smoke tanks along with all of the accessories and necessities for vaping.
1.3 The Market
In the past 6 years the e­cigarette market has emerged and consistently grown at an
exponential rate. Stores continue to be opened and thrive all across the country and the
amount of traditional smokers looking to make the switch is on the rise. The national market
for e­cigarettes has surpassed 1 Billion dollars in 2013 and is speculated to overtake
traditional cigarettes in the next 10 years. In Minnesota the market is ripe for e­cigarette
products. With the recent tax increase on tobacco products more and more consumers are
looking for a cheaper and healthier alternative. With this increase the demand for quality
e­cigarette options will rise and the industry will continue to grow. The average e­smoker with
go through a 30ML bottle of liquid in 1­2 weeks, the liquid is the primary nicotine delivery
vehicle so it is the most necessary of components in e­smoking. Even with recent growth, the
e­cigarette industry is still in its infancy and has tremendous room for growth. The FDA and
other government agencies have begun to investigate e­cigarettes but as of yet, nothing has
come of this. Big Tobacco has begun to offer e­cigarettes which is a good indicator that they
are here to stay.
e­Vapes possesses several competitive advantage in the market: First, our in house
production lab and direct from manufacturer purchasing will allow our prices to consistently
beat our competitors. Our liquid production being done in house also gives us the ability to
offer completely customizable flavors to meet any customers request, this is something that
third party retailers can not offer, and it creates customer and brand loyalty. ​By producing our
own liquid right our stores we can make any flavor combination or changes to existing flavors
to meet every customers desire.​ Second, it is our policy to always use the highest quality and
safest raw materials available to us. Though marketing and branding efforts, and our
unrelenting commitment to production quality, we will continue to build our name as a
company that is provides the absolute best liquid on the market. Lastly, e­Vapes will also
posses a competitive advantage in knowledge and customer service. In the first couple of
years we will always have a company executive at the front counter of our store, managing
wholesale clients needs, manufacturing liquids and directly training all new hires. This will
allow us to consistently provide our customers with the highest level of customer service and
share our extensive knowledge to provide consumers the best shopping experience. It will
also allow us to set a precedence as to how our store(s) will be run and implement training
methods to ensure that our high level of service is maintained as we grow.
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6.
1.4 Financials
e­Vapes expansion costs will be primarily allocated to marketing and branding our product,
opening of a retail store and providing that store with a prudent financial reserve. The initial
expansion will cost roughly $43,296.67 and will cover first months rent of a storefront location,
office and retail store furniture, all equipment needed for a production lab, production
materials, hardware inventory, company payroll, accounting and point of sales systems, and
marketing programs to promote our products and store in preparation for our grand opening.
We have determined that an addition $56,000 will be a prudent reserve to cover company
expenses until our sales revenue has surpassed our break­even amount of
$17,831.68. Our sales forecast, even in our worst case scenario, should keep our company
account balance above $11,000 at all times. As shown in our expected growth sales forecast,
we expect to generate net profits in excess of $21,000 in year one, $239,000 in year two and
$939,000 in year three.
A $100,000 investment will sustain us while building our company and our brand with an
aggressive, yet calculated, business plan that will allow for long term growth and success.
We propose that a 20% payment of yearly profits to the investor until the total payments reach
$250,000 will be a beneficial and successful arrangement for both parties.
Expected Growth
● Sales ● Gross Margin ● Net Profit
*Graphs for Limited Growth and Worst Case Scenario can be found in the Appendix
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7.
1.5 Mission Statement
We strive to always maintain a focus on innovative thinking, constant research and
development, a commitment to the use of industry leading safety and production methods,
and first class customer service.
1.6 Objectives
The objectives for e­Vapes in the first three years of business will include:
1. Establish brand recognition and company reputation for providing high quality flavorful
products and first class service to wholesale and retail customers.
2. Establish 10 wholesale clients.
3. Expand our wholesale distribution outside of our home market.
4. Process 2000 retail transactions monthly.
5. Open at least one additional retail location.
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8.
Company Summary
e­Vapes has been in business since August 1, 2013. We are currently creating and
manufacturing a variety of e­cigarette liquid. Our flavor catalogue has now reached 32
different flavors. In that short time we have had nothing but positive feedback from both
consumers and retailers in our industry. We have also established relationships with several
retail outlets that are interested in carrying our product. The amount of research and
preparation that we did prior to establishing our business has allowed us to produce high
quality products that have exceeded everyone's expectations. During the early stages of
being in business, we have been operating part time with the executives of the company
being able to run the operations while working full time jobs. However, we have quickly come
to realize that the demand for our product, along with the necessity for opening a retail
location, can not be met​ ​without full time commitment and additional financial resources. We
are presently running operations out of one of the executives residence but will need to
relocate into a business location to meet production and sales needs as well as establish a
retail presence for our expected growth.
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9.
2.1 Company ownership
We are registered with the State of Minnesota as a Limited Liability Corporation. The
ownership of the company is evenly split between partners Bryson Wright and Dustyn
Grooms.
2.2 Expansion Summary
e­Vapes expansion costs will include all the equipment needed for an office, production lab,
retail store, website (and social media) creation and maintenance, six months of rent and
utilities payments, six months of payroll, production materials, e cigarette hardware, business
insurance, and marketing and advertising costs. ​The finances allocated towards our inventory
will be roughly 21% of the expansion cost. The minimum retail value of our investment of
production materials and hardware inventory will exceed $71,000. Greater than $40,000 of
that will be hardware from reputable suppliers with established market presence.
● Expansion Expenses
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10.
2.2.1 Expansion Expenses
These will be all costs associated with the initial expansion, opening our store and stocking
our inventory.
Expenses
Rent $2,000
Utilities $500
Insurance $166.67
Web Services $200
Payroll $6,000
Marketing/Sales Material $1,500
Office Supplies $500
Shipping $180
Label Printing $500
Total Expenses $11,546.67
Assets
Cash Required $56,703.33
Current Inventory $1,000
Expansion Inventory $21,000
Other Current Assets $500
Additional Assets (furniture, equipment) $10,750
Total Assets $89,953.33
Total Expenses $11,546.67
Total Required $101,500.00
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11.
2.2.2 Expansion Funding
Expansion Funding
Expansion Expenses to Fund $11,546.67
Expansion Assets to Fund $88,453.33
Total Funding Required $100,000.00
Assets
Non­cash Assets From Expansion
$31,750
Cash Balance After Initial Expansion $56,703.33
Current Assets $1,500
Total Assets $89,953.33
Liabilities and Capital
Liabilities
Current Borrowing ($2,500)
Long­term Liabilities $0
Accounts Payable $0
Other Current Liabilities $0
Total Liabilities ($2,500)
Capital
Planned Investment
Investor 1 $100,000
Other $0
Additional Investment Requirement $0
Total Planned Investment $100,000
Loss at Start­up $11,546.67
Total Capital $89,953.33
Total Liabilities ($2,500)
Total Capital and Liabilities $87,453.33
Total Funding $100,000
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12.
Products and Services
e­Vapes will offer convenience, competitive pricing and variety as a retail, online and
wholesale e­cigarette provider. We specialize in the creation of custom, high quality
e­cigarette liquid, which will be offered in our retail location, on our company website and at
wholesale to other e­cigarette retailers. While our flavors will be our signature product,
e­Vapes will also offer the most industry current, high quality e­cigarettes and accessories.
We intend to be known in the market as a premier location for all your vaping needs.We
recognize that just offering a quality product is not enough in today’s market, customer
satisfaction and service is of primary importance in todays business world. With that in mind
we feel that we will stand apart from our competition with our commitment to customer
satisfaction. We also feel that our level of service and partnership will create long lasting and
successful business relationships with our wholesale clients.
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13.
3.1 Products
E Liquid ­ ​E­Cigarette liquid can be made with infinite flavor possibilities but the basic
components are all the same. The primary ingredients do not change yet slight adjustments
can be made to meet desired characteristics such as a stronger hit or higher nicotine content.
The biggest part of research and development, as well as production, is the flavoring. Finding
the perfect recipes and being able to duplicate it over and over is what will establish loyal
customers and develop our brand name. Using the highest quality materials gives us
consistency to our product and makes our flavors really stand out.
E­Cigarettes ­ ​The e­cigarette industry is flooded with 100’s of e­cigarette options for users to
choose from. e­Vapes will offer e­cigarettes for the brand new vaper as well as the veteran
vaper looking for a more customizable experience. Our Brands will include; Joytech,
Smoktech,Provari, E­go, Kanger, iClear and many others. The brands we carry in our stores
and on our website will be from recognized and reputable suppliers whose names are industry
standard and whose markets are well established. We will offer all components of the
e­cigarette, from the battery to the heating element to the replacement parts required for
continued vaping.
Accessories ­ ​E­cigarettes require and are enhanced by the accessories that are offered for
them. Rechargeable batteries, battery chargers and drip tips are all essential components to
every e­cigarette. However, those items can be upgraded, swapped out and replaced. In
addition to these items there are also cases, lanyards, designer covers and many other items
available for vaper’s to customize their personal vaping device. e­Vapes will be a premier
supplier of all of these accessories by carrying name brands, such as Cherry Vapes and
Surefire. Our accessories will be of the same high quality as all of our other products at the
same great value.
Return and refund policy­ ​It will be the policy of e­Vapes to refund or replace any broken or
defective hardware items brought back within 30 days**, provided that, the device was not
broken due to customer neglect or directly due to customer use. It will also be our policy to
have an in­store credit program available to customers should they not be satisfied with their
original purchase within the first 30 days. They can return their purchase for store credit
towards a different device. E­liquid, will not be subject to this program and is non­refundable.
**The exception to this policy will be on any disposable units such as; cartomizers,
replacement coils, wick heads or tank cores. These items will be nonrefundable.
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14.
3.2 Services
Online Retail:​ For our retail customers, we will have a professionally designed and built
website to make finding and ordering the products they want quick and easy. This type of
service is nearly a requirement in any retail market today. In this market it is vital, as online
sales account for roughly 40% of all sales in the industry.
In­store experience­ ​Our store will be a welcoming environment for our customers from the
moment they walk through the door. Every customer will be acknowledged, greeted and
thanked for coming in as soon as they walk through our doors. We will have couches for our
customers looking to relax and vape as well as tables and chairs for customers to set up new
devices. Our staff will all be trained in the aspects of the products we provide to be
knowledgeable and possess the ability to assist our customers in setting up, troubleshooting
and assembling new purchases. Our retail location will be a trusted place to go when you
need a question answered or a problem fixed. Our display cases will be clean, organized and
set up to provide viewing capability to the most customers possible. We will also have all of
our liquids available in our sample area for our customers to taste flavors available to them for
purchase.
Custom Flavors: ​One of the aspects that we can offer our clients and our retail customers
that no other provider is offering is completely customizable flavors. With our research and
development team at their disposal we will make any flavor that our customers would like.
We can offer them the flavor that they have been looking for and have not been able to find or
we can help to make a flavor they like into one that they love.
Customer Service:​ With the primary focus of our business being retail, meeting and
exceeding our customers needs will always be of critical importance to the success and
growth of our business. We will take a hands on approach with each customer from the very
beginning of our relationship. We understand that every customer will have different needs
and goals and we want to be able to help meet them all. We will take the time to understand
what each customer is looking to get out of their vaping experience. This will allow us to
create customized options based on their needs to help them find the vape that is perfect for
them.
Client Management: ​We realize that each of our wholesale clients will have a different set of
business needs. In an effort to most accurately serve each client we will meet with them
individually and see where e­Vapes can bring the most value to their business. It will be our
policy to meet with wholesale clients regularly to evaluate their wholesale program and
suggest implementations to better suit their needs. Our Client Management Program is
designed to work in correlation with our Marketing Partnership to identify the most effective
way to generate new customers and increase revenue in our clients stores.
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15.
Marketing Partnership: ​Many product distributors have overlooked the fact that it is their
responsibility to ensure that their product is purchased. By establishing a successful
marketing partnership with our wholesale clients we can ensure that our product is being sold,
improve and secure our relationship with our retail partners and build our name as a
professional business partner that is invested in the success of it’s business partners. Doing
this job exceptionally well is a vital component to our business plan. We believe this is the
best way for us to ensure our success.
Market Analysis Summary
Since the e­cigarette industry emerged in 2008, the smallest year of growth was a 95%
growth from 2008 to 2009. After totalling over $500 million in sales last year, industry experts
were expecting over 1 billion for the first time this year. On August 28 Wells Fargo Securities
confirmed that this milestone had been reached. ​Bonnie Herzog, Managing Director and
Senior Beverage and Tobacco Analyst at Wells Fargo Securities, is​ now expecting the
e­cigarette industry to reach 1.7 billion in sales this year, which would represent a 240%
growth in the market in 2013. She was also quoted by Business Insider saying “​the industry
has now exceeded $1 billion for the first­time ever, with the consumption of e­cigs ​likely
surpassing that of traditional cigarettes in the next decade.​”
The exponential growth in this industry is due largely to the advancement and constant
improvement of e­cigarette devices, providing consumers with a better and more personalized
user experience. These devices allow customers to select the hardware and accessory
combinations that best suit their needs, as well a substantial increase in flavor options.
With these new devices and flavor options has come the necessity and popularity of retail
storefronts who can provide them. This section of the market is relatively new with the
majority of new retail outlets being established in the last two years. With the demand for
these devices ever increasing, the need for quality retail locations continues to rise. The
current saturation of retail markets in Minnesota is in the Northern and Southern Metro area’s
of Minneapolis. The Western Metro has very few established retailers providing high quality
products to consumers looking to shop closer to home.
Retail outlets, as a segment of the e­cigarette industry, will not only see longevity but will
continue to see a rise in sales and customer frequency. These devices are becoming more
complex with the possibility of virtually limitless options. Retail storefronts specializing in
e­cigarettes will not only possess the latest in e­cigarette technology but the knowledge on
how these items work. This knowledge is a large part of the value proposition retail outlets
provide to their customers.
With this rapid and continued growth the demand is constantly increasing for consistent and
reliable liquid providers as well. Retailers are always looking for distributors to improve their
store’s selection, better meet their needs or help them establish their business. There are at
least 30 e­cigarette stores in the state of Minnesota, and that number is growing almost daily.
There are only three legitimate liquid wholesalers in the state and we know that e­Vapes is
able to offer our potential clients competitive prices, an equal or higher quality product and
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16. superior service.
In an industry this young and experiencing this amount of growth, consumers are still learning
what liquid is right for them. Very few consumers have developed brand loyalty, so consumer
acceptance should create little to no resistance. With our commitment to providing the most
flavorful vape possible and our consistent customer service and engagement, once they try
our product, we know we will have a flavor to satisfy almost anyone.
4.1 Market Segmentation
1. Retail​ ­ ​Our retail customers are individuals looking to fulfill their personal vaping
needs. They will range from the beginner looking to purchase their first e­cigarette, to
the veteran Vaper purchasing accessories, additional MOD’s or replacement parts.
These consumers will have a varying degree of knowledge and assistance needs.
Being knowledgeable about the industry, changes happening and new trends, coupled
with great service and cutting edge equipment, will be the best way to earn their
business.
2. Wholesale​ ­ ​Wholesale clients will also want flavorful vapes with a lot of options,
however they will have a higher level of concern for product quality and production
methods as their business’ reputation will be tied to our product. By manufacturing our
products with the highest quality materials and meeting or exceeding industry
standards for safety and production methods we can ensure that our products will be
safe, consistent and of superior quality. The service that we offer to our wholesale
clients is what will secure and build our wholesale market share.
● Wholesale ● Retail
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17.
Expected Growth
1 Year 2 Years 3 Years CAGR
Sales
Retail $201,350.22 $598,600 $1,803,100 199 %
Wholesale $122,760.00 $301,878 $565,254 116.5 %
Total $324,110.22 $900,478 $2,358,354 170 %
4.2 Target Market Segmentation Strategy
e­Vapes will target both wholesale and retail customers with the primary focus being as a
Retail outlet. We feel that Retail sales, in the first 3 years, will be the most effective and
profitable way to build our business in the current business climate. Our profit margin is
roughly 140% higher in the retail market and allows us to reach more individuals on a
personal level. However, while looking at business expansion we have determined that
continual growth of our wholesale program will be a critical to our success. This will naturally
create a boost to our retail sales as well as help to establish our business with local end
consumers.
In addition to opening a storefront retail location, we will also be working to establish an online
retail customer base with a professionally built website. alongside this, we will be managing
active social media accounts providing our followers with consistent content and posts in an
effort to maintain consumer engagement. Using a mailing list to send out a periodical email
will also help us to inform our established customers about new products or promotions in an
effort to drive new and repeat business. Online retail can be a large portion of our business
as currently about 40 % of industry sales are done online.
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18.
4.3 Industry Analysis
There are three local wholesale liquids providers that will be our primary competition in this
area of our business, PB Dragon, Hell’s Vapors and Vermillion River. There are several
Electronic Cigarette stores in the metro area, we feel that our most established competitors
will be Smokeless Smoking, E­Cig Crib and Vermillion River. The following pages are
competitive analysis tables that compares us with these three major competitors in their
market segment.
Wholesale Competitive Analysis
Imp = Importance to wholesale customer 1 to 5 scale, 5 being very high
Factor e­Vapes Vermillion
River
P B Dragon Hell’s
Vapors
Products strong flavorful
taste; high quality
materials
strong flavorful
taste; high quality
materials
hit or miss on
flavors; high quality
materials
inconsistent
mediocre taste;
only 15 ml
Price Equal or less
expensive
competitive in bulk;
more expensive
pre­bottled
competitive in bulk;
more expensive
pre­bottled
highest priced
Quality very high very high very high Mediocre
Selection 32 flavors and
developing more;
plus customizable
90+ flavors 36 flavors; many
unique; little to no
tradition flavors
27 flavors
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19. Service high minimal minimal minimal
Reliability TBD Reliable Reliable Reliable
Stability TBD Stable Stable Stable
Expertise Above Average High Above Average
Company
Reputation
little to none Good local
reputation
not very well known not very well
known
Location Savage, MN Lakeville, MN Inver Grove
Heights, MN
Hopkins, MN
Appearance In development Poor website;
Average
product/logo
Poor website; Good
product; Poor logos
Good website;
Good Product;
Good logo
Advertising Website, social
media & TBD
Website Website Website & Social
Media
Image TBD less than average average good
Retail Competitive Analysis
Factor e­Vapes Smokeless
Smoking
E­Cig Crib Vermillion
River
Products strong flavorful
taste; high quality
materials
Limited liquid
selection, hit or
miss on flavors.
High quality e­cigs.
Large liquid
selection, hit or
miss on flavor and
quality. Carries
latest e­cig
equipment
Large liquid
selection and
wholesale
program.
Price Equal or less
expensive
More expensive on
liquid, on par for
equipment
about same on
liquid, more
expensive on
equipment
About the same
price on Liquid
Quality very high High High High
Selection 32 flavors and
developing more;
plus customizable
16 flavors, about 15
e­cigarette options
and multiple
accessories
50+ flavors and
about 25
e­cigarette options
with multiple
50+ Flavors
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20. accessories
Service high Good, some gaps Good,
knowledgeable
Good
Reliability TBD Reliable Reliable Reliable
Stability TBD Stable, few
locations
Stable, 2 locations Stable
Expertise Above Average A few advanced
individuals, mostly
semi­experienced
Mostly experienced
to advanced
individuals
Experienced and
knowledgable
Company
Reputation
little to none building presence in
Metro area
Good presence,
two established
locations
Good presence
of liquid, retail
front less known
Location Savage, MN Burnsville, MN Coon Rapids,
Minneapolis MN
Lakeville, MN
Appearance In development Good appearance,
recent remodel
Appealing store set
up, comfortable
seating
Good
appearance
Advertising Website, social
media & TBD
Website & Social
Media
Radio, website &
social media
Website
Image TBD reliable and quality
provider.
Reliable and quality
provider
Reliable and
quality provider
Strategy and Implementation Summary
As a Start­up company in our infancy, our need to monitor, change and reconsider our
marketing strategies will be based upon initial results and effectiveness. Consideration of
expenses and allocation of marketing budget will be reviewed on a monthly basis to
determine effectiveness of each strategy and redistribute resources accordingly. The
overwhelming positive response our products have seen has greatly impacted our need for
business expansion. By expanding our production and establishing an effective marketing
strategy we will be able to capture available market shares and achieve our growth potential.
We are looking for investors to help us grow and meet our production needs to match the
amount of interest we are seeing.
Word of mouth and networking through our existing contacts has been a valuable method of
exposing our business and establishing a customer base in the beginning. Both partners are
associated with an exceptionally large natural market that is saturated with current e­smokers.
Access to this natural market is a critical component of our initial market penetration. This also
lends to a very effective word of mouth campaign as many will be already loosely associated
with the founders of the company. This gives us a competitive advantage with an already
20

21. established customer base prior to opening our doors.
We have an existing business arrangement with Holubik Corporation to build, monitor and
manage our online presence. Their services include graphic design, website development,
website management, social media development and management, and search engine
optimization. These services will be very valuable as e­Vapes continues market penetration
as well as to maintain customer and client engagement and satisfaction.
Our first three months of our expansion we will have a grand opening for our retail storefront
and begin to allocate more resources towards establishing a brick and mortar retail customer
base. These marketing efforts may include, but are not limited to, product presentation
events, product sampling and giveaways, retail partnership marketing, face to face, street
team marketing, viral marketing, and video marketing. We believe that effectively expanding
our marketing efforts will allow our business to grow more rapidly and reach company
objectives at or ahead of schedule. However, our distribution channel marketing strategy we
are using has been based upon previously successful businesses using this model. We are
currently trying to maximize our channels without overextending. At present, results for
e­Vapes, LLC have seen retail sales and wholesale interest higher than originally projected
and expected.
Our primary allocation of resources during the first three months will be focused on
establishing our retail location. Additionally we will solidify wholesale agreements with the
retail outlets that are currently interested in carrying our products. We will then be able to
actively pursue new clientele by regularly stopping in to retail locations with samples of our
products and professionally designed sale materials providing information about our company
and products. If decision makers are unavailable we will leave a wholesale packet with our
samples and follow­up in the within 3 business days.
5.1 Competitive Edge
We have built our business plan around creating and utilizing several distinct competitive
advantages. We project that our in house ​liquid production, extensive flavor lineup, wholesale
purchasing agreements, custom client management, marketing partnerships and first class
customer service will distinguish us from our competitors. We have elaborated on each of the
aforementioned advantages below to establish exactly where these objectives provide us with
a competitive edge.
1. The knowledge and abilities that we have in producing e­liquid allows us to do all of
our production in house. This keeps the cost of our liquid considerably lower than
purchasing through a 3rd party wholesaler. This will also allow our prices to always
remain competitive as well as afford us the opportunity to do giveaways, discounts,
and customer loyalty programs. The most significant advantage this provides is
complete control over our flavor line­up and the ability to offer customizable flavors to
our customers.
21

22.
2. Creating flavors truly is our passion. We don’t ever expect our catalogue to be
complete because we enjoy creating new flavors. In our first month in business, we
created, tested and developed over 30 final product flavors. This matches many of our
competitors established catalogues. We always want to be on the cutting edge of
flavoring and setting trends for the rest of the industry to follow. The larger selection of
flavors we offer will attract a wider consumer base extending our reach and potential
for growth.
3. We have begun to establish relationships with wholesale e­cigarette and accessory
providers as well as with some of the manufacturers directly. By having relationships in
this combination we can balance having the best cost margin on hardware with the
highest quality products. Relationships with manufacturers will be key in securing new
technology early as an established wholesale relationship will have us on the inside
track to procuring new releases. Additionally we have established wholesale accounts
for the purchase of raw materials for our liquids. By buying our materials in bulk and
purchasing from vendors with a reputation of high product quality we are able to keep
our materials cost low while maintaining the highest quality possible.
4. Our custom client management program is designed to help us meet and exceed all of
our clients goals and needs. By meeting individually with each client we can be
intimately aware of their needs and provide personalized service. This approach
differentiates us as a wholesale provider invested in the success of our clients. More
importantly it will establish our commitment to service and foster a strong long term
relationship with retail and wholesale customers. This will also give us an advantage
in our wholesale efforts by providing potential clients with referrals from stores that
have seen the value that our team brings to their business.
5. A marketing partnership is something that is far too often overlooked. We feel that this
is one of the most commonly neglected areas of business that causes distributors to
fail. This can offer us a significant advantage over our competitors who do not excel in
this area. By focusing our efforts to not only promote our products, but to promote the
business that carry (and purchase) our products, we can increase sales for our
company as well as our wholesale clientele’s companies. Improving the success of
our clients companies will establish us as a valued business partner and help us stand
out from the competition.
6. Unrelenting desire for the highest quality products and service is something that we
live by. This industry is booming and looking for leaders, a mediocre product or service
experience will not succeed long term. We are committed to standing out as leaders
and valuing every customer and product as the most important that we have ever had.
e­Vapes only uses the finest quality ingredients. Additionally, we always follow the
maxim that the customer must be 100% satisfied. That means we are willing to do
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23. what is necessary in the short run to please a customer, confident, that in the long run,
this is a wise business decision.
5.2 Sales Strategy
e­Vapes sales strategy will be targeted at obtaining wholesale clients as well as retail
customers both online and instore. These two different sales processes will require unique
sales strategies and preparation. We have put considerable time and thought into the
challenges that these different areas of our business will provide and we feel as though we
are prepared to overcome and succeed in both markets.
Traditionally, most of our retail traffic will be people who are looking to buy, as we are a
specialty store with products in a very specific market. Our prospective customers can get a
similar product from other vendors. With this in mind, e­Vapes will attempt to close the sale by
showing our high quality products, extensive product selection, and expert knowledge and
service that sets us apart. Our products will be competitive in both quality and price, our
service and knowledge will be exceptional and we will always have a constant focus on
establishing our business’ reputation.
We provide several ways to acquire our products in an effort to make our products readily
available and to infiltrate the market as thoroughly as possible. One way is for the customer to
come by our retail store and make a purchase. Here we will have all of our flavors and
hardware on display and ready for sampling. The customer can also make a purchase on our
website and have their order shipped to them directly. Additionally, our customers will have
our liquids available to them in multiple outlets participating in our wholesale program. Lastly,
we will look for opportunities to get our name and products out in the community at any events
that will be beneficial to our marketing and branding efforts.
In addition to our store, our marketing efforts we will be designed to drive people to our
website. Once on our site, customers will see the wide range of products we have to offer.
They will be provided with detailed product information, the ability to customize their products
(hardware color, liquid nicotine level, etc.) and can place their order directly from our online
catalogue or find the closest outlets that offer our liquids. The website will have valuable
content about the quality of our materials, our safety standards and our production methods.
Online sales will be especially useful for customers out of town. By establishing a strong
online presence we can effectively reduce geographical restrictions on our retail business.
When a customer establishes a secure account on our site, we will have the opportunity to
offer them advertising and discounts to save on future purchases, as well as unique service
such as auto ordering to ensure that they never run out of liquid and/or replaceable hardware.
Services, such as auto ordering, are a great way for us to stand out from other online retailers
23

24. and increase customer retention.
e­Vapes sales method for wholesale clientele will be a well thought out presentation of our
value as a business partner. We are confident that after trying our product, store owners will
know that they have a market for our flavors. From there, we will discuss with them the
quality of our materials and our commitment to final product quality and industry leading
safety and production methods. After establishing e­Vapes as a quality product, we will place
an emphasis on service and discuss briefly our focus and goals with our custom client
management program and marketing partnership. We feel this direct and effective
presentation of our company's values and objectives will establish substantial value in
creating a business partnership between our companies. Closing with our prices being equal
to or less than all of our local competitors should finalize the sale. We expect the most repeat
wholesale customers to utilize the website as a catalogue and ordering system, because it
takes less time for them to order on the web then it does from them to do so in person or over
the phone. This is one of many ways we hope to make their experience with us easy, and
beneficial to their bottom line.
5.2.1 Sales Forecast
Expected Growth
● Wholesale ● Retail
24

25.
Year 1 Year 2 Year 3
Sales
Retail $201,350.22 $598,600 $1,803,100
Wholesale $122,760.00 $301,878 $565,254
Total Sales $324,110.22 $900,478 $2,358,354
Cost
Retail $39,207.43 $116,678.87 $351,459.52
Wholesale $35,596 $87,533.80 $163,903.40
Total Cost $74,803.43 $204,212.67 $515,362.92
*Graphs and tables for Limited Growth and Worst Case Scenario can be found in the
Appendix
5.3 Milestones
Milestone End Date
Sign Lease 11/15/2013
Set­up Lab 11/22/2013
Obtain Licensure 11/22/2013
Inventory at Par 11/29/2013
Soft Opening 11/29/2013
Grand Opening 12/6/2013
25

26. Management Summary
Bryson’s primary position will be as the Head of Marketing and Business Development. He
will manage and oversee the development process of company marketing materials such as,
but not limited to, company logo, website, product labels and in store promotional material.
His responsibilities will also include planning and coordinating marketing and business
development related events such as in­store promotions, product demos, sampling and
market research. Working closely with Dustyn and the retail store manager, they will develop
and implement sales systems and materials to identify consumers wants and needs as well
as changes in our market to maximize the effectiveness of our marketing program and the
efficiency of our sales and production teams. Additionally his time will be spent researching
and identifying prospective wholesale clients, initiating contact, delivering sales pitch, securing
contract and establishing client management systems to address individual clients goals and
needs.
Dustyn’s primary responsibilities will be as the Head of Production and Product Development.
As the primary product developer, he will invest time, materials, resources and knowledge in
developing final deliverable products. He will manage, oversee and and produce final
deliverable products to maintain a prudent inventory to meet the needs of our clients, both
wholesale and retail. He will also work closely with Bryson and the retail store manager to
account for changing production needs based upon companies sales, as well as forecasted
growth. Dustyn will also be the acting Inventory and Supply Manager. Responsible for
supplier and buyer relationships and negotiations. Completing research and identifying
changes in the supplier market on a regular basis to ensure we are always offering our
customers the highest quality products as well as new and changing trends, while maintaining
our competitive prices and maximizing profit.
Dustyn and Bryson will work closely on the creation of procedures, training manuals and
employee standards. As the company grows, having these procedures in place and enforced
by the retail management will allow the company executives to focus more closely on larger
company objectives. By being thorough in creating these duplicatable business practices, we
are simplifying future expansion efforts and creating continuity between our storefronts.
6.1 Customer Relations
26

27. Delivery: ​Will be provided to online retail customers as well as all wholesale clientele.
Shipping costs will be deferred to online customers at cost. Shipping costs to wholesale
clients will be absorbed by e­Vapes as part of a wholesale incentive program.
Warranty: ​All hardware will have a 30 day warranty. Any product distributed that fails to meet
quality standards will be replaced free of charge and, if determined to be necessary, all lot
and batch items will be recalled and replaced at the expense of e­Vapes.
Support:​ Our Wholesale Client Management and our Marketing Partnership are services
that are designed to provide our clientele with as much support as we can offer. We will
assist anyone in our store with hardware setup and troubleshooting and will be available by
phone and email to provide the same support to our online customers.
Follow­up: ​A customer satisfaction email will be sent out to our online retail customers
roughly one week after receiving their products. This will help to ensure customer satisfaction
as well as provide us with feedback to better improve our products and services. Consistent
follow up will also be a vital part of our wholesale client management program.
Customer Service: ​It is the expectation of e­Vapes to respond to any customer inquiry within
a 24 hour time period. Our policy will also be that of a quality guarantee.
6.2 Operational Plan
The daily operations of the business will be separated between the executives of the
company. We feel that in order to accommodate our growth projections this will be the most
effective staffing situation initially. We have detailed our future hiring and staffing projections
in our investment finances for each sales and revenue scenario.
During the first six months of operation, the retail store will be staffed primarily by the
company executives until such time that sales warrant additional hires. A schedule has been
created to optimally utilize each executives time and expertise. As growth continues, it will
become more important for the company executives to take a less active role in retail
operations and focus more on business and product development. As such, we have created
our hiring and staffing plan around this objective. This plan will utilize sales forecasts and
recent months sales to make adjustments and influence hiring decisions.
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28.
6.2.1 Location
All production, storage and distribution will be done out of our retail store(s). We will have a
production lab setup for manufacturing that will be kept as a clean and sterile environment.
The rest of the space will include a small office, a restroom and our retail store and vaping
lounge.
Property will be rented on a lease term and we are looking for storefront in a high traffic
commercial area. This will allow us to be easily accessible to customers with ample parking
and well suited for potential walk­in customers.
Our ideal location is in the West Metro area around 169 and 394. We have currently identified
a location in this area whose owner has a pre­existing relationship with the company
executives. He agrees that an e­cigarette retail store would add value to this retail space and
is amenable to working with start­up and promotion of our new location. This area has yet to
be saturated and in relatively competition free in the retail market.
6.2.2 Business Hours
Our regular business hours will be 10­8 Monday thru Thursday, 10­10 Friday and Saturday
and 10­6 on Sunday.
** These hours may be amended or changed due to sales considerations, holidays or any
circumstances the company executives deem necessary.
6.2.3 ​Personnel
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29.
● Number of employees:​ 2
● Type of labor:​ Skilled, Service
● How are new employee’s obtained:​ We will initially be able to staff our business
through friends, family and people we know. We will also post listings on various
media outlets and conduct interviews to allow for acquisition of outside talent.
● Quality of existing staff:​ We have a well balanced and hard working partnership that
is set up with complimentary skill sets that allow us to focus on areas where we each
excel.
● Pay structure:​ As full­time employees Dustyn and Bryson will receive a $3,000 a
month salary, with a plan to reevaluate at the end of 6 consecutive profitable months.
Profit sharing will be evaluated at the end of year 2 or once the company has
$200,000 in fiscal assets. New hires will start at $10­$12 depending on responsibilities
and experience. Our store manager(s) will receive a $36,000 a year salary. In addition
to salary the store manager will have the potential to earn a $500 bonus if the store
exceeds sales goals.
● Training methods and requirements:​ All new employees will be trained in the
manufacturing of our product so that they will have an intimate understanding of our
products as well as the ability to mix and produce liquid when needed. Additional
training will be done based on employee responsibilities.
● New hiring in the coming year:​ All hires will be made as sales require.
● Assignment of tasks:​ Current task responsibilities are outlined in the operation plan.
Tasks for new hires will be customized as needed and outlined prior to creation of
position.
● Schedules and procedures in place:​ Written manufacturing procedures are in place
along with an employee training manual and handbook. Both executive are expected
to work 7 days a week initially. Store manager will work 46 hours per week and full
time employee will work a maximum of 40 hours per week. The schedule accounts for
30 minute opening and closing procedure.
● Written job descriptions for employees:​ Job descriptions have been created for
executives as part of our Partnership Agreement. Job descriptions have been created
for the store manager as well as retail hourly employee’s.
29

30. 6.3 Production
The products we produce will be made in a lab set up specifically for the manufacture of
e­cigarette liquid. The lab will have stainless steel tables, sanitary gloves, disposable single
use production supplies and separate individual compartments for storage. All items used in
the manufacture of e­liquid will be kept at room temperature, in visible and clearly labeled
containers. All Nicotine, Propylene Glycol, Vegetable Glycerin, and flavorings are kept in
original labeled containers or are in approved BPA free bottles with labels containing all
original manufacturer information.
6.3.1 Production techniques and costs
All e­liquid manufactured in our facility is made in batches of 1000 ml or smaller. This ensures
quality consistency of product and allows for better quality control of product. Each batch of
liquid is mixed with minimum nicotine Amount (6mg) to allow for steeping of flavors and
nicotine. The only exception would be product mixed with 0 nicotine to be sold as 0 nicotine
liquid. All flavor recipes are written down and recorded in a production log book and all
batches of each flavor are given a lot number and batch number. Each lot and batch has
recorded amounts of product used in production. After completion of each batch produced,
final product is “flash steeped” in hot water for 15 minutes to meld individual components of
flavor.
6.3.2 Quality control
E­Liquid­​ Each Batch of liquid is tested upon completion of a 3 day steeping process by 2
separate staff members to ensure quality. This process is in place to ensure product quality
and consistency for every lot and batch. Nicotine test kits are also used to test every bottle of
nicotine received and test results are logged in log book. This is in effort to make sure every
batch of nicotine is at desired strength and ensures nicotine levels in completed product is as
advertised.
Hardware­ ​All hardware will be checked in and marked with the date received. Each set of
new hardware will be kept separate based on the date received so that if any piece of the
hardware is defective, other similar items in that date receipt of inventory can be tested for
defect. Any devices or batteries going out on to the sales floor will be tested prior to being set
out for merchandising. All accessories will be checked over for manufacturer defect prior to
being made available for sale. Any issues determined by sales or pre­sales inventory will be
logged and tracked. If a certain supplier or manufacturer shows a track record of defective or
damaged products, a conversation will be initiated to determine whether or not a long term
30

31. relationship will continue.
6.3.3 Inventory
Our inventory and ordering system will be tracked on an inventory spreadsheet and managed
daily to ensure adjustments are made as order frequency increases. Plans have been made
for a future inventory management system but the same attention will need to be paid to this
automated system to ensure accurate levels of product are on hand.
Our monthly stocking inventory level, at any point in time, will be at least $21,000 in raw
product, bottles, hardware and finished goods. That $21,000 will carry a minimum retail value
exceeding $71,000. In addition to the raw material and finished products, we will also have
about $3500 in mixing and production equipment.
At present, industry standard is that of shortage. Every supplier is currently working to keep
up with demand for product which has created lapses in product availability. Our goal will be
to establish breakpoints at which we decide to increase par levels for every inventory item.
Lead time on ordering for every product should be at least a week so we will be ordering on
future expectations every week to ensure always having new product coming in before need
arises. Our product has a long shelf life and therefore waste is less of a consideration than
cash flow in turnover.
Inventory will be controlled and monitored as follows:
● An inventory management spreadsheet is already in place and will be upgraded with
an inventory management software as demand increases.
● Pars for each product offered have been created and will be updated weekly based
upon sales. Pars of product take into account recurring orders, current orders received
and product on hand.
● The inventory spreadsheet will be updated and monitored daily and orders of base
materials will be ordered in advance based on Milliliter calculations of material needed
per 1000 ml.
● A calculation spreadsheet is also maintained to monitor base levels of all raw
materials, shipping times and order by dates to maintain proper levels of all materials
needed in production.
● Wholesale agreements have been set­up with suppliers to ensure our demand for raw
materials can be met and discussions about product availability at multiple different
need levels have been had to ensure wholesale supplier can meet growth needs.
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32.
6.3.4 Product development
● e­Vapes will be in a continual state of product development. Surveys from the market
of product will be used to modify existing products for maximum flavor potential. New
flavors will be created as suggested and on an ongoing basis by production team.
● Best practices will be monitored on various industry websites to ensure current
production methods and raw materials are up to date with industry standard.
● Suggestions will be taken from wholesale and retail clients and reviewed by production
team for potential action needing to be taken.
6.3.5 Legal Environment
Licensing requirements for our business are currently as Follows:
● Any provider of nicotine based products in the state of Minnesota must be licensed as
a tobacco retailer. Being that we will only be selling nicotine based substances we will
only require this one license to sell our products online and to other retailers.
Other items to consider in the legal environment are:
● FDA considering regulating sale and distribution of E­cigarettes. This can have a few
different effects. 1) FDA regulation would require stricter health and safety precautions
be taken in the manufacture and sale of e­cigarettes. 2.) Tamper proof seals will most
likely be required on all individual bottles of e­cigarette fluid for retail sale. 3.)
e­cigarettes may become labeled as a nicotine replacement therapy device. 4.) state
and city health code inspections may become a part of doing business if the FDA
gains regulatory authority. 5.) any individual may be required to obtain lab certification
and servsafe certification.
In response to those considerations above. We have designed our production lab to be NSF
certified and FDA approved in the event that the items listed above become industry standard.
We have designed a list of protocols to be adhered to in order to have minimal change in daily
operations should the FDA and Health agencies gain regulatory authority. Our aim is to be a
leader in the area’s of lab safety, cleanliness and sanitation. We have already discussed and
are in the process of putting in place, tamper evident seals on all of our product to be sold at
retail. Although some of these possible regulations may infringe upon profit margins, e­Vapes
is in support of certain regulations for two reasons. In preparation for these regulations,
e­Vapes has already taken into account all of the procedures that we believe should be
required to ensure safety and quality in products on the market. Additionally, reasonable
regulation will provide stability and longevity to the market and ensure a marketplace of
integrity.
Insurance coverage will be a standard business owners policy, covering liability for products,
32

33. completed operations, slander, libel and copyright infringement. Our insurance policy will have
a minimum 1 million dollar limit along with an officers and directors coverage of 500,000 per
officer per occurrence.
Financial Plan
7.1 Break­even Analysis
● Break­even Analysis
Monthly Break Even 17831.68
7.2 Projected Cash Flow
Expected Growth
● Cash Balance ● Net Cash Flow
33

34.
7.3 Projected Business Finances
The following spreadsheets are a detail breakdown of our projected business expenses, sales
projections and business finances for three different scenarios, Expected Growth, Limited
Growth and Worst Case Scenario Growth.
We feel that the expected growth numbers represent achievable projections for business
growth given the factors outlined in our expansion plan, such as our Products and Services,
Market Analysis Summary, and Strategy and Implementation Summary. These numbers are
in line with or even slightly below what our market research has shown to be the average of
current retailers in the same market. By reaching these projections we will be showing a profit
in our first year into our expansion and will have paid our investor their entire expected return
by the end of year 3.
We have also outlined our financial projections for limited growth and worst case scenario
growth with different levels of significantly reduced sales. These are well below our
expectations based on our market research and analysis, but still show the company as a
profitable venture with substantial growth potential. If we were to achieve limited growth
projections we would expect to be producing monthly profits by month 4, would be showing
our investor a profitable return on investment by year 3 and would have paid the entire
expected return by year 4 or 5. Even in our worst case scenario we would expect to be
producing monthly profits at the end of the first year and showing our investor a profitable
return on investment in by the end of year 4.
(See e­Vapes Investment Finances)
34

35. Appendix
Sales and Profit (1.4 ­ pg. 7)
Limited Growth
● Sales ● Gross Margin ● Net Profit
Worst Case Scenario Growth
● Sales ● Gross Margin ● Net Profit
Sales Forecast (5.2.1 ­ pg. 24)
​Limited Growth
● Wholesale ● Retail
35

36.
Year 1 Year 2 Year 3
Sales
Retail $133,216.81 $332,150.00 $879,650.00
Wholesale $76,446.00 $202,554.00 $378,324.00
Total Sales $209,662.81 $534,704.00 $1,257,974.00
Cost
Retail $25,926.89 $64,742.54 $171,461.02
Wholesale $22,166.60 $58,733.40 $109,700.40
Total Cost $48,093.40 $123,475.94 $281,161.42
​Worst Case Scenario Growth
● Wholesale ● Retail
Year 1 Year 2 Year 3
Sales
Retail $77,250.08 $240,900.00 $598,600.00
Wholesale $31,217.00 $91,884.00 $166,098.00
36

37. Total Sales $108,467.08 $332,784.00 $764,698.00
Cost
Retail $15,017.88 $46,956.13 $116,678.87
Wholesale $8,575.40 $25,240.80 $45,627.60
Total Cost $23,593.28 $72,196.93 $162,306.47
Projected Cash Flow (7.2 ­ pg.32)
Limited Growth
​Worst Case Scenario Growth
37